Description

1838-O 50C PR63 Branch Mint PCGS. CAC. JR-1, R.7. What
defines a classic American numismatic rarity? Is it an extremely
low mintage figure, or are certain coins considered classics
because of their combination of a beautiful design, historical
significance, and limited availability? Perhaps it is the mystique
surrounding special coins, such as the 1913 nickel, 1804 dollar, or
the 1933 double eagle that account for their status as classic
rarities and their accompanying multi-million dollar price tags. By
all of the above attributes, the 1838-O is a classic and,
unequivocally, one of the most celebrated and sought-after
properties in America's numismatic history. However, it is the
mystery surrounding the 1838 O-mint halves that tends to elicit the
most intrigue from collectors, dealers, and researchers alike.
First of all, how many were struck? The generally accepted mintage
figure is 20 coins, based upon a handwritten note that accompanied
the 1838-O half dollar sold as lot 583 in the June 1894 Friesner
Collection by Edouard Frossard. As recorded in Breen (1988), the
handwritten note was inscribed as follows: "The enclosed specimen
coin of the U.S. branch mint at New Orleans is presented to Pres.
Bache by Rufus Tyler the coiner. It may be proper to state that not
more than 20 pieces were struck with the half dollar dies of 1838."
Alexander D. Bache was the first president of Girard College in
Philadelphia and, according to research by Karl Moulton, Tyler's
prior chemistry professor at the University of Pennsylvania, thus
providing a motive for the gift from Tyler. As a side note, Girard
College was founded in 1833 but did not technically open until
1848. Nonetheless, Bache was president, in a limited capacity, of
the college when he received the 1838-O half specimen. The current
disposition of this particular specimen is unknown and not included
in the pedigree roster below, suggesting that an additional example
of this rare issue may be extant.
The 1838-O half sold as lot 655 in the June 1890 auction by New
York Coin and Stamp Co., now identified as the Norweb coin,
included the following note in that catalog: "We have seen a letter
from Dr. Riddell, superintendent N.O. Mint, 1838, which accompanied
a similar half dollar, in which it was stated that only four half
dollars of this date and mintage were issued ..." There are two
problems with the aforementioned letter: Dr. John Riddell was never
the superintendent of the New Orleans Mint, but rather the melter
and refiner, and the term of that position did not commence until
1839, so it is likely that the letter referenced in the 1890 sale
was referring to specially prepared 1839-O half dollar coins. Since
we have traced 11 1838-O halves, the notion that only four coins
were struck is obviously incorrect, therefore it is easier to
accept the suggested mintage of 20 pieces. One went to Bache and
another to the Mint Cabinet Collection, but what was the
destination of the other 18 examples?
Researchers generally agree that the remaining coins were
distributed as gifts or souvenirs by mint officials. So are the
1838-O halves proof coins, business strikes, or die trial pieces?
If the 1838-O halves were distributed as proofs, several pieces
were not handled as such over time. The Boyd, Empire, and
Anderson-Dupont specimens are all considered circulated or impaired
proofs, grading in the PR40 to PR50 range. Even the Smithsonian
example from the Mint cabinet is a cleaned coin. Proof half dollars
from prior years exist in Gem or better condition so it is curious
that the finest 1838-O half graded is a PR64. Breen (1988) claims
that his research in the National Archives in 1951 yielded a
reference stating that "a few" halves were struck "to test a
press." This seems logical, considering that the New Orleans Mint
was merely months old when the 1838-O halves were struck in the
first quarter of 1839. It is well known that the first coins struck
at the new branch mint were dimes and half dimes, and the smaller
press used for those issues broke twice. The challenges with the
implementation of a new, larger steam press to strike the half
dollars must have been considerable. However, everyone agrees that
the first O-mint halves certainly look like proof issues and there
is no official record that 20 pieces were struck for circulation.
The fact that most of the extant examples display mirrored fields
could be explained by the fact that the newly installed dies had
been freshly lapped and neither proofs nor die trial pieces would
have been recorded in 1839.
Interestingly, the reverses of all known 1838-O halves display some
degree of die deterioration. In fact, the faint breaks visible on
most of the known 1838-O halves are similar, if not identical, to
the die breaks observed on the 1839-O JR-1 halves. In addition, the
number of dentils, 140, and their orientation to the reverse
lettering match perfectly. Further study is essential before making
a definitive claim, but it is likely that the two issues share the
same reverse. It is possible that the dentils were part of the
master dies used to create the working dies, thus explaining the
identical positional match. A mystery yet to be resolved is why a
proof coin would be struck from damaged dies. Were the dies broken
during the production of the master dies, or were some coins,
whereabouts unknown, struck before the 20 die trial pieces
mentioned by Tyler? The argument regarding the status of branch
mint proofs is tiresome and will likely continue into the
unforeseeable future. Sentiments converge, however, on the fact
that any 1838-O half dollar is an extraordinary coin to behold,
both in terms of beauty and absolute rarity.
The current coin, the Atwater specimen, is not only special because
of its rarity, but also because of its wonderful state of
preservation. Some specialists believe that this coin is the finest
known of the 11 traced examples, despite the grade assigned by
PCGS. The fields are deeply mirrored and the strike is as strong as
one would expect on a proof coin. Signs of cabinet friction are
absent, and it is likely that the three obverse marks (right of
star 5, left of star 9 and at the base of Liberty's throat) have
limited the grade. Exclusive of the three marks, which shall
forever serve as immediate pedigree markers, the Atwater specimen
is awe-inspiring. This coin is perhaps best explained by the
legendary B. Max Mehl in his June 1946 sale of the Atwater 1838-O
half dollar, as quoted in the August 1973 Stack's sale of the Reed
Hawn Collection, lot 122:

"Until last year I have not had a single specimen of this great
rarity offered in any of my sales during all my numismatic
experience of 45 years. In my sale of the Ryan Collection, June
1945, the first specimen I have ever offered at auction brought
$1,875.00. It was a purple proof. The one offered here is a
brilliant Gem proof, and in my opinion, and as far as I know, no
finer specimen exists or could exist. According to my records,
there are only seven specimens known. It is therefore considered,
and rightly so, one of the very greatest of all United States
silver coins - barring none - not even the 1804 dollar. It is a
rarity which will add luster and much value and of course great
pride of ownership to any collection of U.S. coins. It is a
thrilling coin to look at and a still greater coin to own."

The "purple proof" that Mehl mentions in the above description is
the Neil specimen which was most recently sold as part of the
Queller Collection by Stack's in October 2002. It realized $184,000
in that sale. It is likely that the first U.S. half dollar coin to
reach the million dollar mark will be an 1838-O half and,
considering the current renaissance in classic U.S. numismatic
rarities, it may happen sooner than later. The Baldenhofer specimen
was sold at Heritage's June 2005 Long Beach sale for $632,500, and
an impaired proof considered to grade PR40, the Boyd coin near the
bottom of the condition census, realized a price of $220,000 at the
October 2006 auction of the Byers Collection by Stack's. The
specimen offered here provides a rare opportunity for the
connoisseur to acquire a legendary coin that holds a permanent
position on the landscape of classic American numismatic rarities
and is perhaps unimprovable in terms of quality.

The following roster is a modification of the list included in our
June 2005 sale of the Baldenhofer specimen. It is a continuation of
the roster published in the 1997 catalog of the Eliasberg sale by
Bowers and Merena, although we must note that the pedigree
information provided here may be incomplete or include errors. With
the aforementioned disclaimer being made, we are confident that the
current roster is the most accurate and up-to-date list available.
An in-depth study of 1838-O halves would be required to improve
upon the list, and even then it would not likely be completely
accurate. Errors found in previous catalogs have been propagated
throughout the past century and some ownership information has
simply been lost to time. The order of coins in the roster is an
approximation of the Condition Census, not including the
Smithsonian specimen, which would likely fall somewhere in the
middle. Of course grading is subjective and specialists may have
different opinions on the exact placements. It is also possible
that the coins listed as "uncertified," such as the Cox and Neil
specimens, may actually be encapsulated. As of the time of the
current sale such information was not available. The combined data
from the NGC Census Report and the PCGS Population
Report of 1838-O halves indicates that five pieces have been
graded at the PR64 level, with four achieving a PR63 designation
and one certified as PR45. Based on the roster of known specimens,
it is probable that the population data represents resubmissions of
the same coin or coins.
Three of the coins in the roster are missing grades. To complete
the list we should include the following:

The present coin has light, even, pleasing steel-gray and pale blue
toning over fully reflective surfaces. The devices on each side are
intricately detailed. The coin is suggestive of a PR64 or even
better coin. (Without the marks, which actually look slightly worse
in the photo than in person, it would easily grade PR64 or
PR65.) (PCGS# 6226)

The Draped Bust Half Dollars of 1796-1797 by Jon Amato is the culmination of more than 10 years of research into the Draped Bust Small Eagle half dollar series, one of the most coveted type coins in American numismatics and one about which remarkably little has been written.

This work will be the premier reference for 1796-1797 half dollars for years to come. Institutions having an extensive numismatic library or coin cabinet will find it a valuable complement to their holdings, and catalogers charged with writing up specimens for auction can now have an indispensable source of background and pedigree information. Likewise, coin dealers seeking to purchase one or more '96 or '97 half dollars for a client or for inventory, and collectors who own, have owned, or desire to own one will want this important reference work for their libraries.

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I would like to take this opportunity to express dea's appreciation for the outstanding work and expertise your office provided in handling this sale. [ Entire Letter » ]
Thomas Dolan, Assistant Special Agent in Charge, Drug Enforcement Agency,Denver, CO